Vietnamese Gold Prices Plummet Amid Global Economic Downturn
The gold price in Vietnam has fallen by 700,000 VND per tael compared to the previous closing session. According to Laodong.vn, Saigon SJC Jewelry Company listed SJC gold prices at 142.8-145.8 million VND per tael (buying - selling). The buying and selling difference is 3 million VND per tael. Similar price drops were seen in other major companies such as DOJI and Phu Quy, which also decreased by 700,000 VND per tael.
Additionally, the prices of gold rings have also fallen. Saigon Jewelry Company SJC listed the price of gold rings at 142.5-145.3 million VND per tael (buying - selling), down 500,000 VND on the buying side and 800,000 VND on the selling side.
The world gold price has also been affected by the Fed's interest rate hike. As of 9:05 am, world gold prices are listed at $4,298.7 per ounce. The recent economic forecast chart shows that 16 out of 18 Fed officials believe interest rates will increase again by the end of the year.
Mr. Warsh, the Fed Chairman, emphasized that the focus of the Fed is price stabilization and that they are committed to discipline, not a specific decision.